Nigeria to Concentrate on Mining to Boost Economy
Nigeria is set to improve its mining division with a specific end goal to boot investment.
This is in an offer to decrease over dependence on the oil part which gives 70% of government incomes, yet a slump in crude prices has pushed Nigeria into recession.
The Mining Minister, Kayode Fayemi says that Nigeria has largely untapped deposits of 44 minerals, which include gold, iron ore, coal, tin and zinc, in more than 500 locations spread across the nation.
The west African economy has been attempting to attract foreign mining firms. As of now, the only significant foreign investor in the sector, where 80 percent of mining is carried out on an artisanal basis, is Australia’s Kogi Iron.
At present, mining accounts for just 0.3% of the country’s GDP but Nigeria hopes that the sector will contribute up to 10 % of the GDP over the next decade.